Mortgage Modification Licenses outside of court
Mortgage Modification Licenses outside of court
The article referenced below comes from the Las Vegas, Nevada Review-Journal. Although state-specific, the article highlights several issues well-documented in the new mortgage modification industry. Because these licenses will be specific to Nevada, lenders will be hauled into a Nevada court, not a US court. Still, stay tuned for the backlog the court system will experience in the coming months.
Underwriters don’t have time to deal with negotiations as it is. Traveling to and from a Nevada court will make matters worse. Mortgage modification negotiations are not necessarily a legal matter, other than ensuring that a lender follows the rules set down by three acts passed by the US Congress. Hiring a US attorney (like the ones I represent) is enough to prod a lender into dealing with a specific mortgage modification file. Hiring an attorney to go into a Nevada courtroom will only add significantly to the cost of negotiations.
These no-attorney licensees will not be permitted to give legal advice. It is unknown today whather licensees will be permitted to represent homeowners in mediation meetings.
Major concern should be felt by any homeowner outside of Nevada. This will just make it harder for an individual homeowner to get the attention they deserve from their lender. All the more reason to hire a US attorney to get to the front of the line.
The reporter does finally state a very important fact: attorneys do not need to be licensed. All attorneys are monitored by that state’s Attorney General. US attorneys (like the one’s I represent) are monitored and supervised by the US Dept of Justice.
Non-profit organizations or individual who attempt mortgage modifications for free need not be licensed. I’ll leave it to the reader to consider how far back those parties will be in the modification chain. I repeat, modification files are not time-stamped. Lenders can consider mortgage modification files in any order they desire.
There is a quote from a Nevada representative that consultants cannot gurantee anything. That is not quite accurate. Reputable attorneys issue a ‘Risk-free’ guarantee. This states that given accurate figures and statements by the homeowner, after fee payment, that the attorney will refund fees if a successful mortgage modification is not acheived.
Read the article <a href=”http://www.lvrj.com/news/breaking_news/54867857.html”target=”_blank”>here</a>
Posted on August 26, 2009 at 9:06 pm
[...] Go to Source [...]